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Refinance Investment Property, Quicken Loans, investment property loans.#Investment #property #loans


Refinance an Investment Property

Investment property loans

Create an account and get a personalized recommendation of how much you can afford and get your monthly payment.

Answer a few questions, and we’ll have a Home Loan Expert who specializes in investment property mortgages call you.

The Basics

Refinance Your Investment Property to a Low Rate Today

  • Maximize your return on investment – lower your monthly mortgage payment and increase your rental income.
  • Use the equity in your rental property to buy additional property or fund other investment opportunities.
  • Quicken Loans allows you to invest in properties with up to four units, and you can refinance at any time with no prepayment penalties.

Every day we help hundreds of Americans lower their monthly payment by refinancing. Contact us today to see how we can help you.

Why You Should Choose Quicken Loans

  • You’ll get a completely online application process with less paperwork, and you can track the status of your mortgage application.
  • Our Home Loan Experts are available to answer your questions and help you understand the details so you get the right mortgage for you.
  • After you close your loan, you can manage your mortgage online without any hidden fees.
  • We service 99% of our mortgages, which means you can expect our great customer service to continue after you close.

Popular Loan Options for Refinancing Investment Properties

  • YOURgage Our exclusive program puts you in control of your mortgage. Choose a term between 8 and 30 years.
  • 30-Year Loan Avoid surprises and know your payment is fixed.
  • 15-Year Loan Pay off your investment quickly or borrow from your equity at crazy low rates.

Frequently Asked Questions

What documents are required to refinance?

The following is a list of documents generally required during the refinance application process:

  • Proof of income: Typically, you’ll need to show original pay stubs for the last 30 days.
  • Copy of homeowners insurance: Verifies that you have current and sufficient coverage on your home.
  • Copies of your W-2 forms: Required for each loan applicant and helps your lender verify past employment and income history.
  • Copies of asset information: Including accounts holding money for closing costs, statements for savings, checking and 401(k) accounts, and investment records for mutual funds or stocks.
  • Copy of title insurance: Helps your mortgage lender verify taxes, names on the title and legal description of the property.

How often can I refinance my home?

Some states have limits on how soon or how often their residents can refinance a home loan; these limits are often designed to ensure that the refinance process benefits the homeowner. Regulations aside, it’s very important to make sure that refinancing helps you meet your financial goals. Deciding if it makes sense to refinance your home depends on a number of factors: Does your current lender have a prepayment penalty? Do you have enough equity built up in your home? Are interest rates lower now than they were when you first got your home loan? Do you plan to stay in your home for many years?

Talk to a Home Loan Expert or use our refinance calculator to see if refinancing your home can help you meet your goal.


APRA bank loan changes put the brakes on property investors, loan against property.#Loan #against #property


APRA bank loan changes put the brakes on property investors

The consensus among economists is that the housing boom has peaked, writes Larry Schlesinger.

The wheels might not have come off yet but the investor demand that has driven Australia’s property boom is starting to wobble.

This week’s announcement by the Australian Prudential Regulation Authority (APRA) that the big four banks and Macquarie Bank must hold more capital against their gargantuan mortgage books to provide a buffer against defaults will apply further pressure to housing growth. The banks are already increasing home loan rates to meet more expensive funding costs.

Combined with the blizzard of tougher lending policies already introduced by the banks this year, to slow down investor lending growth per bank to less than 10 per cent a year, the consensus among economists is that the housing boom has peaked.

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Property analysts say Sydney and Melbourne, where there has been the greatest acceleration in prices and where investors have dominated, will be hardest hit. House prices in Sydney have surged 20 per cent over the past year, and 10 per cent in Melbourne.

Brisbane, Adelaide, Hobart and Perth, where there has not been the same price growth, will not see the falls, analysts say. Darwin, hit by the slowdown in resources, has had little price growth this year. In Canberra, where house prices have increased by about 5 per cent over the 12 months to June, Domain senior economist Andrew Wilson expects more house buyer activity, although apartment prices are falling thanks to oversupply.

This is how much the banks have turned the screws on investors. All have reduced loan-to-value ratios (LVRs) on investor loans, with Westpac, the nation’s biggest lenders to investors, slashing its LVRs earlier this month from 95 per cent to 80 per cent (meaning a $200,000 deposit if you’re buying a $1 million dollar home). Investors must be able to service loans at higher than 7 per cent (a 2 per cent buffer), pushing more to the sidelines or requiring them to downsize their buying ambitions.

Banks have also removed mortgage discounts from investor loans and have cut back on offering riskier products such as interest-only loans. Some, such as ANZ Banking Group, have removed the cash-flow benefit of negative gearing from investment lending policies and both Commonwealth Bank of Australia and Westpac have reduced the proportion of rental income they will consider when assessing mortgage serviceability.

“Confidence from investors in markets like Sydney is going to start to wane,” says CoreLogic RP Data’s head of research, Tim Lawless. “There is a growing acceptance that the market has run its course.”

Weaker growth

Logically, fewer investors out there means less competition for property and less pressure on house price growth, which, according to economists including Paul Bloxham of HSBC and Shane Oliver of AMP Capital, has already peaked.

Both economists anticipate weaker levels of growth for the remainder of the year and into 2016, with expectations that prices will start falling from 2017 when the Reserve Bank of Australia could start raising rates again.

“If mortgage rates rise as a consequence of more stringent capital requirements on housing lending, this is likely to be a drag on housing activity because mortgage rates are still the key driver of activity in the established housing market,” Bloxham says.

Oliver, who expects prices to fall by between 5 per cent and 10 per cent in 2017, says it’s unclear yet what impact the APRA measures will have on the housing market. But he says the RBA and APRA both want to see a slowdown in lending to investors and more heat coming out of this market.

What the RBA does not want to see, Oliver says, is rising rates for existing mum and dad borrowers. The impact of this would go beyond the housing market into sectors such as retail spending. Were this to happen, both Oliver and Bloxham believe the RBA could cut rates to dampen the effects. “It’s a 50-50 call whether there’s another rate cut,” Oliver says.

The latest data from the country’s biggest mortgage broker, Australian Finance Group, which shows investors in NSW quitting the market in droves, suggests the cumulative impact of the changes is having the desired effect.

Its June-quarter figures show that the proportion of investor loans in NSW, consistently at about 50 per cent of all lending over the past 12 months, fell to 42 per cent over a three-month period. This is likely to affect investor buying across the country.

“Investor lending has returned to levels we are more used to,” AFG chief financial officer David Bailey says.

Depending on how much lenders increase rates due to the APRA changes, Bailey says it may bounce some people out of the market. “It’s very early days, but initial discussions with some lenders suggest increases of between 10 and 20 basis points.”

Other analysts, such as CLSA’s Brian Johnson, believe the rate rises could be higher but the clear message is that they are going up.

ANZ and CBA have already moved, announcing they will lift interest rates on a range of fixed and variable investment loans by between 10 and 40 basis points from August to ensure investment lending growth does not exceed APRA’s ceiling of 10 per cent.

But both banks will also cut rates by between 30 and 40 basis points on fixed-rate loans for owner-occupiers, with ANZ’s Australian chief executive, Mike Whelan, telling Fairfax Media there will be a heightened focus on “owner-occupier and first home buyers in the country”.

Period of uncertainty

Gerald Foley, managing director of National Mortgage Brokers, says first-time investors without the equity and cash flow to satisfy the banks’ new requirements will be the ones most affected.

More broadly, the changes are creating an unusual period of uncertainty between lenders and borrowers, particularly for investors who have employed a particular investment strategy.

“In the short term it won’t have a significant impact, but if there is a sustained period of continued tightening it will have an impact. It will take confidence out of the marketplace,” Foley says.

The winners out of all this, he says, could be first home buyers. “With some investors sitting on the sidelines, there may be better opportunities for first home buyers to acquire property, which is potentially part of the impact regulators want to see,” he says. “Banks still have money to lend and are offering sweeteners on the owner-occupier side.”

CoreLogic RP Data’s Tim Lawless believes there will be a correction, “but it won’t be of the magnitude that some commentators are forecasting – 20 to 30 per cent. It will be a gradual moderation.”

But certain pockets of the market are at greater risk of correction, he adds. “When you look at areas of the market most susceptible, it’s the investment markets where there is a lot of new supply – the inner-city apartment markets and the outer suburban greenfield housing estates.”

Among the inner-city investor-dominated apartment markets, Lawless points to Melbourne, where there is much greater geographic concentration around the central business district, Docklands and Southbank.

“The risk is much less in Sydney though, because dwelling approvals for apartments are not as high as Melbourne and the geographic distribution is much broader, spreading out to places like Parramatta, Lane Cove and Chatswood.”

Others, such as veteran mortgage market analyst Martin North, expect a “slightly negative impact on mortgage pricing” from the APRA changes, but do not believe there will be much impact on the broader housing market.

“House prices are a factor of supply and demand,” North says. “There is rising supply, but also strong demand. Compared to other asset classes housing is doing a lot better, plus there are all the tax concessions like negative gearing and the ability to offset capital gains.

“The supply of investment loans will still be there. Remember that not all banks are growing their investment lending at 10 per cent. Some will see it as a target. And there’s also the opportunity for the non-banking sector to fill the gap if the majors disappear from the radar.”

Foley says this is already happening: “We are seeing increasing appetite in the broker market for specialist lenders like Pepper, Liberty and LaTrobe who can better tailor deals in the current market.”


BOI Star Loan Against Property, loan against property.#Loan #against #property


loan against property

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Retail

Loan against property

Loan against property

Star Loan Against Property Scheme

  1. PURPOSE :

  1. To meet the credit needs of trade, commercial activity, other general business/profession, as also for their bona fide requirements;

  • To meet educational expenses of family members including near relatives

  • To undertake repairs/renovation/extension to the residential/commercial property;

  • To purchase / construct residential house/flat, purchase of plot of land for construction of house/ premises for business/commercial use *;

  • For Repayment of existing loans availed from other Banks / FI s conforming to the extant guidelines regarding takeover of account.

    1. Suitable declaration to be submitted by the applicant regarding the purpose.

  • The facility not extended for speculative purposes including investing in equities;

  • The facility is not extended to builders/developers/promoters/real estate agents for real estate activities such as purchase of land/construction with intent to sell or holding real estate stock for sale / re-sale purposes.

  • *Advance for purpose (d) above to be based on mortgage of property already owned by the proponent.

    People engaged in trade, commerce and business, professionals, self-employed, individuals with high net worth, salaried people, Proprietary firms, Partnership firms, Companies (Pvt. /Public Ltd.,) HUFs (excluding partnership firms where HUF is a partner), Societies, Staff members, NRIs- subject to compliance of Bank s/RBI guidelines.

    a) Individuals in permanent service max. 60 years.

    b) For Proprietary concerns/Self Employed/non-salaried people Maximum -70 Years

    (Age limit is the maximum age at the end of the repayment Period);

    Demand/Term Loan , Overdraft (Reducible/Non-Reducible)

    The quantum of advance to be related to the value of security, margin requirement , take home pay and repayment capacity of the proponent , subject to limits as under :-


  • Property Investment Professionals of Australia, investment property loans.#Investment #property #loans


    Australia’s Peak Association for Property Investment Professionals.

    Specialist Advisors

    PIPA is the peak Property Investment Industry Association.

    Our members subscribe to a Code of Conduct which considers all consumers and commits to disclosure and a high standard of Best Practice. All of our members in the Property Investment Adviser category must work toward obtaining the Qualified Property Investment Adviser (QPIA®) qualification which will ensure that consumers can confidently deal with them, knowing that they have a minimum level of expertise and are continuing with regular professional development.

    To find out more, visit one of the pages in this website, or the contact page if you have additional queries.

    QPIA® Qualification/PROPERTY INVESTMENT ADVISERS

    A Qualified Property Investment Adviser (QPIA®) is an essential partner for property investors, helping you to make well-considered, strategic property investment decisions.

    A QPIA® can work with you to build a personalised, long-term property investment plan, that not only meets your needs and goals today, but builds the right foundation to ensure you meet your future goals and aspirations too.

    Furthermore, a property investment adviser can explain the risks associated with investing and ensure your investment plan matches your risk profile.

    A qualified property investment plan will usually offer recommendations for investment supported by clear evidence and reasoning as well as guidance around anticipated performance, in terms of capital growth and rental income projections.

    Many people might claim to be property investment advisors, but actually are not, so be sure to look for a QPIA®.

    QPIA®’s adhere to a strict Code of Conduct and only a QPIA® has the appropriate formal qualifications to provide genuine property investment advice.

    Remember, good advice can make all the difference between an average property investment and a thriving one.

    There are many professionals who can hold this qualification. Here we outline the services you can expect from personal advisers and property advisers.

    PIPA Member Click to find

    out more Investment property loans Become a QPIA


    Investment – Secura Funds, investment property loans.#Investment #property #loans


    Investment

    Offering returns of 8%-18%, with your choice of investment profile.

    Our investments are available in your choice of first or second mortgage, or a combination of both. Click here for a typical breakdown of our first and second mortgage structures.

    Investment property loans

    Rockbank, VIC 3335

    Registered 1st and 2nd mortgage

    Investment property loans

    Brunswick West, VIC 3059

    2nd mortgage: 12.75% p.a.

    Registered 1st and 2nd mortgage

    Investment property loans

    Registered 1st mortgage

    Investment property loans

    Secura Greenvale mortgage investment

    Greenvale, VIC 3059

    2nd mortgage: 13.50% p.a.

    Registered 1st and 2nd mortgage

    2nd mortgage: 12.75% p.a.

    Registered 1st and 2nd mortgage

    Investment property loans

    Secura Footscray mortgage investment

    Footscray, VIC 3011

    2nd mortgage: 14.0% p.a.

    Registered 1st and 2nd mortgage

    Investment property loans

    Registered 1st mortgage

    Investment property loans

    Secura East Melbourne mortgage investment

    East Melbourne, VIC 3002

    2nd mortgage: 13.5% p.a.

    Registered 1st and 2nd mortgage

    Investment property loans

    Secura Chirnside Park mortgage investment

    Chirnside Park, VIC 3116

    Registered 2nd mortgage

    Working capital loan

    Investment property loans

    Secura Epping mortgage investment

    Epping, VIC 3750

    2nd mortgage: 13.75% p.a.

    Registered 1st and 2nd mortgage

    Investment property loans

    Secura Gosnells mortgage investment

    Gosnells, WA 6110

    Registered 1st mortgage

    Why invest with us?

    The Secura Income Fund is a contributory mortgage fund, giving investors the freedom to invest in just one, or a combination of their choice of property-based loans. Our method of peer to peer (P2P) lending provides advantages over pooled funds by enabling investors to select their own investments, dependent on their appetite for risk.

    We have a solid track record of delivering above-market returns to our investors. As a boutique funds manager, we differentiate ourselves through our individualised approach to each of our investors. Some of our investors have been with us since inception, a testament to our performance and service.

    Our first and second mortgage structures

    1st mortgages

    Our first mortgage rates typically start at 8% per annum. The LVR for our first mortgages is up to 66.67%.

    2nd mortgages

    Rates of return for our second mortgages typically start from 12%-18%+ per annum. Investors are paid a higher rate interest to reflect the higher risks of being exposed at an LVR range value above the 1st mortgage. These risks include timing of repayment and 2nd priority ranking for payments received under the mortgage securities.


    10-Year Balloon Investment Property Mortgage, Home and Mortgage Center, investment property loans.#Investment #property #loans


    10-Year Balloon-Investment Property Mortgage

    Feel stable and secure in your home and in your payment plan.

    Apply before becoming a member.

    After your application, we’ll help you:

    1. Discover you’re eligible to become a PenFed member

    2. Open a Savings/Share Account and deposit at least $5

    OUR GREAT RATES

    This payment example assumes a loan with points, a loan amount of $ and an estimated property value of . The property is located in Alexandria, VA and is within Fairfax county. The property is an existing single family home and will be used as an investment property. The rate lock period is 60 days and the assumed credit score is .

    At a interest rate, the APR for this loan type is and the monthly payment schedule would be:

    • payments of $ at an interest rate of
    • payment of $ at an interest rate of

    If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner’s insurance premiums.

    Features Benefits

    • Predictable payments
    • Free 60 day rate lock
    • For home purchases or refinancing
    • Loan amounts up to $424,100
    • Offer available on investment properties only

    This is a 10 year fixed rate mortgage with a balloon payment at maturity. The loan is amortized over 30 years with the balance due and payable in full at the time of maturity. Loan matures in 10 years; you may apply to refinance the balloon payment at maturity.

    NOTE: A 1% origination fee applies to this loan.

    Funds can only be used to acquire, improve, or maintain rental property where the owner will not occupy for more than 14 days.

    Investment Property Mortgages: For loan amounts from $25,000 to $ . Guam, Alaska and Hawaii maximum conforming loan amount $ . The maximum combined loan- to-value (CLTV) is 75% for purchases and limited cash-out loans (where funds will be used to pay off an existing first mortgage loan with little or no cash back) or 70% for cash-out loans (where additional funds will be obtained to acquire, improve, or maintain rental property above any existing mortgage, if applicable)

    For purchase applications, please submit a copy of your fully signed ratified purchase agreement to [email protected] in a timely manner to ensure PenFed can meet your closing date.

    The applicant is responsible for the following fees and costs at the time of closing: Origination fee, if any, appraisal fee, tax service fee, CLO access fee, title fees, transfer tax fees, credit report fee, flood cert fee, recording fee, survey if required and work verification fee, escrow reserves and interest due until first payment. Other costs may be included due to program specific circumstances. This is not intended to be an all-inclusive list.

    Escrows may be waived if LTV is 80% or less in all states.

    Additional reserve requirements may apply.

    If you withdraw an application that was locked and reapply within 30 days, the new application is subject to worst case pricing.

    All above disclosures apply to Non-Veteran’s Administration (VA) loans. VA loans have different guidelines and eligibility requirements.

    All rates and offers are in effect as of , offered for a limited time and subject to change without notice. Restrictions apply to existing PenFed mortgage borrowers. Other restrictions may apply. Contact your PenFed mortgage consultant for any applicable additional restrictions and details about your loan. To receive any advertised product you must become a member of PenFed by opening a share (savings) account. Federally insured by the NCUA.

    We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.

    ARM vs Fixed Rate Mortgages: Which One Should You Choose?

    Investment property loans

    With mortgage interest rates at an all-time low you’re probably thinking about finally taking the big leap and becoming a homeowner or refinancing your existing home to a lower interest rate. However, the age-old question looms in front of you…which mortgage should I choose, an ARM or a fixed-rate mortgage?

    The answer: it depends on your needs. While there are pros and cons to both mortgages, the real question is not which mortgage is better, but which mortgage will suit my needs.

    Let’s take a look at both an ARM and fixed-rate mortgage and then you can decide which option is going to afford you your dream home or that tantalizing interest rate that will have you running to refinance your home.

    Adjustable-Rate Mortgages

    Adjustable-rate mortgages or ARMs have interest rates that adjust over a period of time. ARMs have had a notoriously bad reputation because of the mortgage meltdown and subsequent recession.

    While this reputation was justified in the past, most of those exotic ARMs no longer exist. Today, financial institutions offer hybrid ARMs—like PenFed’s 5/5 ARM, which has a fixed-rate for five years and then the rate adjusts once every five years. This is a unique mortgage product as most ARMs adjust annually after the initial fixed terms.

    The thought of an adjustable interest rate probably has you fearing skyrocketing monthly mortgage payments. Fear not, all ARMs have caps—a limit on the amount the interest rate can adjust—and ceilings—the highest the interest rate is allowed to become during the life of the loan. Using PenFed’s 5/5 ARM as an example, the initial interest rate will change every five years by no more than two percentage points up or down (the cap). This rate will never exceed five percentage points above the initial rate (the ceiling).

    Fixed-Rate Mortgages

    A fixed-rate mortgage provides a reliable and fixed monthly payment for the life of the loan. Because your total mortgage payment remains stable from month to month, homeowners can easily budget their monthly expenses.

    Financial institutions offer various fixed-rate mortgages including the more common fixed-rate mortgages: 15, 20, and 30-year. Out of the three the 30-year fixed is the most popular mortgage because it usually offers the lowest monthly payment. However, the lower monthly payment comes at a cost of paying more in interest over the life of the loan.

    Some Considerations

    So, now that you know a little more about ARMs and fixed-rate mortgages here are a few things you should consider when making a decision about which mortgage will best suit your needs:

    • How long do you plan to stay in your home? If you don’t plan to stay in your home for the long haul, you may want to consider an ARM, which has a lower interest rate than the 30-year fixed and you save big money in interest charges. If you move or refinance within five years before the interest rate adjusts you can avoid a payment hike. Conversely, if you’ve found or are already in the home of your dreams, a fixed-rate mortgage makes more sense and will provide you stable payments for years to come.
    • What can you afford? Knowing how much you can afford to pay month to month in mortgage payments will also help you decide between an ARM or fixed-rate mortgage. If you’re working within a tight budget, the ARM may be a more attractive option since the payments will be lower than a 30-year fixed. But, unless you anticipate a raise or another source of added income, ask yourself if you’ll be able to afford your mortgage payment when the ARM’s interest rate increases. If not, don’t take the risk. Go with the fixed-rate mortgage and get stable monthly payments.

    The Takeaway: When it’s all said and done, the goal is to get you into the home of your dreams or refinance your existing home without breaking your pockets. Both the ARM and fixed-rate mortgage are products that will help you reach your goal. However, the path you take to get to your goal depends on which mortgage will suit your needs.

    Investment property loans

    The credit union is federally insured by the National Credit Union Association.


    BOI Star Loan Against Property, loan against property.#Loan #against #property


    loan against property

    Skip to navigation | Skip to main content

    Retail

    Loan against property

    Loan against property

    Star Loan Against Property Scheme

    1. PURPOSE :

    1. To meet the credit needs of trade, commercial activity, other general business/profession, as also for their bona fide requirements;

  • To meet educational expenses of family members including near relatives

  • To undertake repairs/renovation/extension to the residential/commercial property;

  • To purchase / construct residential house/flat, purchase of plot of land for construction of house/ premises for business/commercial use *;

  • For Repayment of existing loans availed from other Banks / FI s conforming to the extant guidelines regarding takeover of account.

    1. Suitable declaration to be submitted by the applicant regarding the purpose.

  • The facility not extended for speculative purposes including investing in equities;

  • The facility is not extended to builders/developers/promoters/real estate agents for real estate activities such as purchase of land/construction with intent to sell or holding real estate stock for sale / re-sale purposes.

  • *Advance for purpose (d) above to be based on mortgage of property already owned by the proponent.

    People engaged in trade, commerce and business, professionals, self-employed, individuals with high net worth, salaried people, Proprietary firms, Partnership firms, Companies (Pvt. /Public Ltd.,) HUFs (excluding partnership firms where HUF is a partner), Societies, Staff members, NRIs- subject to compliance of Bank s/RBI guidelines.

    a) Individuals in permanent service max. 60 years.

    b) For Proprietary concerns/Self Employed/non-salaried people Maximum -70 Years

    (Age limit is the maximum age at the end of the repayment Period);

    Demand/Term Loan , Overdraft (Reducible/Non-Reducible)

    The quantum of advance to be related to the value of security, margin requirement , take home pay and repayment capacity of the proponent , subject to limits as under :-


  • Refinance Investment Property, Quicken Loans, investment property loans.#Investment #property #loans


    Refinance an Investment Property

    Investment property loans

    Create an account and get a personalized recommendation of how much you can afford and get your monthly payment.

    Answer a few questions, and we’ll have a Home Loan Expert who specializes in investment property mortgages call you.

    The Basics

    Refinance Your Investment Property to a Low Rate Today

    • Maximize your return on investment – lower your monthly mortgage payment and increase your rental income.
    • Use the equity in your rental property to buy additional property or fund other investment opportunities.
    • Quicken Loans allows you to invest in properties with up to four units, and you can refinance at any time with no prepayment penalties.

    Every day we help hundreds of Americans lower their monthly payment by refinancing. Contact us today to see how we can help you.

    Why You Should Choose Quicken Loans

    • You’ll get a completely online application process with less paperwork, and you can track the status of your mortgage application.
    • Our Home Loan Experts are available to answer your questions and help you understand the details so you get the right mortgage for you.
    • After you close your loan, you can manage your mortgage online without any hidden fees.
    • We service 99% of our mortgages, which means you can expect our great customer service to continue after you close.

    Popular Loan Options for Refinancing Investment Properties

    • YOURgage Our exclusive program puts you in control of your mortgage. Choose a term between 8 and 30 years.
    • 30-Year Loan Avoid surprises and know your payment is fixed.
    • 15-Year Loan Pay off your investment quickly or borrow from your equity at crazy low rates.

    Frequently Asked Questions

    What documents are required to refinance?

    The following is a list of documents generally required during the refinance application process:

    • Proof of income: Typically, you’ll need to show original pay stubs for the last 30 days.
    • Copy of homeowners insurance: Verifies that you have current and sufficient coverage on your home.
    • Copies of your W-2 forms: Required for each loan applicant and helps your lender verify past employment and income history.
    • Copies of asset information: Including accounts holding money for closing costs, statements for savings, checking and 401(k) accounts, and investment records for mutual funds or stocks.
    • Copy of title insurance: Helps your mortgage lender verify taxes, names on the title and legal description of the property.

    How often can I refinance my home?

    Some states have limits on how soon or how often their residents can refinance a home loan; these limits are often designed to ensure that the refinance process benefits the homeowner. Regulations aside, it’s very important to make sure that refinancing helps you meet your financial goals. Deciding if it makes sense to refinance your home depends on a number of factors: Does your current lender have a prepayment penalty? Do you have enough equity built up in your home? Are interest rates lower now than they were when you first got your home loan? Do you plan to stay in your home for many years?

    Talk to a Home Loan Expert or use our refinance calculator to see if refinancing your home can help you meet your goal.


    Property Investment NZ – Westpac Property Investment, investment property loans.#Investment #property #loans


    Investing in property

    Whether you’re a first time investor or this is your second or third investment property, research is key. The Property Investment Hub is here to help.

    We have a range of valuable resources such as calculators, property reports and over 90 Investment Property Lending Specialists.

    • Apply online
    • Find an Investment Property Lending Specialist
    • Try our Property Investment calculator
    • Call us 0800 466 353

    Am I a Property Investor?

    You may be a property investor if you have bought a house with the intention of renting it out to gain income from it.

    Second homes (such as baches or cribs) that are rented out for more than 6 weeks a year will be classified as investment properties

    • Investment property loans

    Interested but not sure where to start?

    Where to start if you’re thinking of investing in residential property

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    Need to crunch the numbers?

    Consider issues around equity, potential returns and the expenses you might not have thought about

    • Investment property loans

      Looking for some of the top suburbs to invest in?

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      REDnews Property News

      Westpac’s current home loan criteria and terms and conditions apply. An establishment charge and/or Low Equity Margin may apply. An additional fee or higher interest rate may apply to loans if the application is accepted but does not meet the standard lending criteria.


    Real Estate Loans – How to Finance Investment Property #no #credit #check #loans


    #real estate loans
    #

    11 Methods for Financing Investment Properties

    There are lots of ways to get real estate loans or investment property loans – often only limited by your imagination. Here’s a lengthy list of ways to financing investment property.

    This page will provide you with both conventional and unconvential ways to fund your real estate investments. The collapse of bubbles in real estate values is spreading from the US to other parts of the world making potential for bank financing more difficult. Learn some of these unusal techniques to gain an edge in acquiring rental housing when values are low.

    The term “real estate investment loans” usually refers to the bulk of the money used to finance an investment property purchase and assumes you have a cash down payment. But we are going to use the term broadly and include ways to get money if you don’t have cash for a down payment.

    Now, I’m not your parent or your spouse, so I’m not going to nag you. But. if you’re spending more than you make, you need to get your house in order. Create a budget and add a category for savings. Save some money from your paycheck each pay period towards a down payment for your investment properties as well as cash reserves. The weird part about getting loans to fund your ventures, is that the less you need the money, the easier it is to get a loan. So make your finances look better.

    The next step is making sure your credit score is OK. Often called the FICO score, you can find your free credit Score online instantly! Hopefully it’s over 720 or at least 680. If not, here’s how to find out what it is and some suggestions for improving your credit score. Getting real estate loans from financial institutions is nearly impossible without a good FICO score but there are other sources to consider. If your FICO score is lower than 680 look into creative real estate investing ideas.

    One thing to keep in mind is that if you are using a bank for real estate loans, your interest rate and down payment requirements are generally higher. If you are going to rent out your current home and buy a second property to live in you can get a better interest rate .

    Do not lie to the bank and tell them that you are going to live in an investment property.

    This is loan fraud. If you are going to buy a lower priced property and you intend to live in it the bank might be suspicious of loan fraud, since generally people move up, not down, although in these times you could make a case for down sizing. If you buy a home, live in it for two years (best for tax purposes). Then when you rent it out, you are not doing anything illegal or unethical.

    How to Finance Investment Property

    Finding Investment Property Mortgages

    Get Investment Property Loans from Local Banks